Chainlink (LINK) has just collapsed by nine percent, falling back to $3.76—its lowest value in almost two weeks.
Since reaching its highest ever value of $4.79 on February 16, Chainlink has been a downtrend, losing more than 20% of its value in little more than a week. Likewise, Chainlink has seen its trading volume shrink over the same timeframe, falling from a 2020-high of more than $650 million in LINK changing hands daily, down to around half that today.
Although Chainlink has been struggling in terms of price action, it appears that the community is growing rapidly, which is a healthy sign for the project. According to Ali Martinez at CryptoSlate, the number of Chainlink addresses grew by more than 4,300 addresses between February 15 and February 17, while social media engagements are also strongly up.
However, popular cryptocurrency trader Josh Rager appears to be of the opinion that LINK has limited support until it falls under $3, indicating the recent downtrend might not be due to stop any time soon.
But it's not all bad. Although LINK has now lost more than 17.5% in the last week, the cryptocurrency is still up more than 54% for the month, and is one of the top performers since the start of the year.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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